You Can Make Changes Anytime

You can enroll, change, or stop your contributions at any time. Starting mid-November, enrollment and contributions are now managed on the TIAA employee portal.

The Fantastic Employer Match

The employer match has not changing.

 Eligible participants who contribute at least 5% receive the 10% employer match. Participants with six months of employment with a minimum of 500 hours worked in six months are eligible for the employer match.

PLAN CHANGES

Why are these changes happening now?

We’re updating our retirement plan offerings to align with federal requirements (SECURE 2.0), expand access, and simplify how employees manage contributions and investments.

What’s happening to the 403(b)?

Employee contributions to the 403(b) will end after the October 31, 2025 payroll. Going forward, all contributions must be made to the 401(k).

Note: You will not be able to move your 403(b) balance into the 401(k), but your existing 403(b) balance will remain in your TIAA account.

What is the new TIAA portal and when does it go live?

On November 16, 2025, all deferral and investment changes will move to a new FCNY-branded portal on the TIAA website. This will replace the current Seamless Doc process.

What happens during the blackout period?

Between November 7–15, account changes will be paused while the new portal is launched. Contributions will continue during this period, but you will not be able to make updates or changes.

What’s changed about the investment menu?

In May 2025, we modernized the investment lineup to provide clearer, more diversified choices. We encourage you to log into your TIAA account now to review your current investments and make any updates you’d like — there’s no need to wait until the new portal launches.

ELIGIBILITY, ENROLLMENT & CONTRIBUTIONS

Who is eligible to contribute to the 401(k)?

All employees — full-time and part-time — are eligible to contribute starting on their hire date.

 However, to qualify for the employer match, you must:

• Work at least 500 hours within six months,

• Be employed for at least six months, and

• Contribute at least 5%.

How does the employer match work?

Once eligible, FCNY contributes 10% of your eligible earnings to your 401(k), regardless of how much you contribute (as long as you meet the eligibility criteria).

What is auto-enrollment and who does it affect?

Starting November 1, 2025, full-time employees who are eligible for the employer match but not yet enrolled will be automatically enrolled at a 5% deferral rate. Auto-enrollment will occur at your six-month anniversary — or immediately if you’re already past it.

Is auto-enrollment a one-time event?

No. Auto-enrollment will happen for all newly eligible employees moving forward each year on January 1, unless they opt out during the 60 days prior.

How do I opt out of the 401(k)?

You can opt out at any time through the new TIAA portal. There will also be an annual opt-out window during December open enrollment for the following January 1.

Will I receive reminders before auto-enrollment?

Yes. We will send you a reminder in the month leading up to your enrollment date, including instructions for opting out or adjusting your contribution.

I’m a new hire — when will I be auto-enrolled?

If you are full-time and not yet enrolled, you’ll be auto-enrolled at the 5% rate after your six-month work anniversary — unless you opt out.

Can I contribute more than 5%?

Yes. You can change your deferral amount at any time through the TIAA portal, up to the IRS contribution limits.

Can I stop or change my contributions later?

Absolutely. You may increase, decrease, or stop your contributions at any time throughout the year.

Can I opt out and re-enroll later?

Yes. You can re-enroll in the 401(k) whenever you’re ready through the TIAA portal.

What are the 2025 contribution limits?

The IRS limit for 2025 is $23,000, with an additional $7,500 catch-up contribution allowed for employees aged 50 or older.

ACCOUNT MANAGEMENT & OPTIONS

What is the Roth 401(k) option?

Starting November 1, 2025, you may contribute after-tax dollars to a Roth 401(k). Qualified withdrawals will be tax-free in retirement.

Can I contribute to both traditional and Roth 401(k)?

Yes. You can split your contributions between traditional (pre-tax) and Roth (after-tax) accounts, or choose one option.

What’s the difference between traditional and Roth?

• Traditional 401(k): Contributions are made before taxes; you pay taxes when you withdraw funds in retirement.

• Roth 401(k): Contributions are made after taxes; qualified withdrawals in retirement are tax-free.

How do I make investment changes?

Once the new portal is live on November 16, you’ll be able to adjust your investment elections and allocations directly on the site.

Where can I see my account balance?

You can view your 401(k) balance, contribution history, and investment performance at any time by logging into your TIAA account.

Will my paycheck reflect these changes?

Yes. Any change to your contribution amount — whether from enrollment, opt-out, or manual update — will be reflected in your pay within 1–2 pay periods.

I’m already contributing to the 401(k). Do I need to take action?

No action is required. However, we encourage you to log into your TIAA account now to review your contributions and take advantage of the updated investment menu.

HELP & RESOURCES

How will I get help understanding these changes?

We’re offering:

• Monthly hybrid presentations (July–September)

• Helpdesk Q&A sessions

• On-site 1:1 sessions with a TIAA financial counselor

• A detailed intranet page with FAQs and sign-up links

• Targeted emails based on your eligibility and participation

Who do I contact if I need help accessing the portal?

You can contact TIAA Customer Support for login issues or reach out to HR for general help with navigating your options.

Can I meet with someone one-on-one?

Yes! We’ve scheduled on-site sessions with TIAA financial counselors. You’ll find dates and sign-up details on the intranet and in your invitation email.